400 Sunny Isles closes $33M in sales during first week

40 units have sold at an average of $820,000 each, or nearly $520 psf

TRD MIAMI /
Dec.December 15, 2015 03:15 PM

A fourth new condo project has been completed in the barrier island city of Sunny Isles Beach in Northeast Miami-Dade County since this current South Florida real estate cycle began in 2011.

Transactions in the 400 Sunny Isles Condominium project featuring a pair of 21-story buildings — known as the East and West towers — with a combined 230 units began to be recorded on Dec. 8, according to Miami-Dade County records.

To date, at least 40 units in the 400 Sunny Isles project, developed by a Delaware corporation led by Inigo Ardid, have traded for a combined $32.8 million. That works out to more than $820,000 each, for an average of nearly $520 per square foot as of Monday, according to government records.

Individual units have transacted at prices ranging from $575,000 to $1.15 million, each. On a price-per-square-foot basis, units have traded from less than $425 per square foot to more than $680 per square foot, according to government records.

Currently, 14 units in the 400 Sunny Isles project are listed for sale at a price of nearly $1.5 million each, for an average of $685 per square foot as of Monday, according to data from the Southeast Florida MLXchange.

Sunny Isles Beach — a popular seaside destination for international and domestic buyers, alike — is the fourth most active market east of I-95 in South Florida, based on more than 3,165 total units announced during this cycle.

The only South Florida markets with a greater number of condos announced during this cycle are Greater Downtown Miami with at least 23,000 units, the Hollywood-Hallandale Beach area with nearly 4,500 units, and the Downtown Fort Lauderdale and Beach market with more than 3,285 units, as of Monday, according to the preconstruction condo projects website CraneSpotters.com. (For disclosure, my firm operates the website.)

It is worth noting that the Aventura market on the mainland across the Intracoastal Waterway to the west of Sunny Isles Beach is the fifth most active market, with 21 new condo buildings and more than 2,625 units announced during this cycle.

Currently, five new condo buildings with 436 units have been constructed in the Sunny Isles Beach market. An additional five buildings with more than 710 units are currently under construction, according to CraneSpotters.com.

Combined, the number of new units completed and under construction represents about 36 percent of the total pipeline of new condos slated for development during this cycle in Sunny Isles Beach.

Nearly a dozen new condo buildings with more than 2,000 units — some 64 percent of the total pipeline announced — are currently in the planning or presale phase of development in the Sunny Isles Beach market, according to the data.  

Overall, South Florida developers have already completed 53 new condo buildings with more than 4,200 units east of I-95 in the tri-county South Florida region of Miami-Dade, Broward and Palm Beach. An additional 127 new condo buildings with 12,120 units are currently under construction in South Florida.

A combined 230 new condo buildings with more than 32,760 units — about 67 percent of the total tri-county pipeline — are currently in the planning or presale phase of development in South Florida.

The unanswered question going forward is how strong the pool of preconstruction buyers in Sunny Isles Beach will be in the near future given growing expectations of rising mortgage rates, a worsening international economy and a stronger U.S. dollar in the year 2016.  

Peter Zalewski is a real estate columnist for The Real Deal who founded Condo Vultures LLC, a consultancy and publishing company, as well as Condo Vultures Realty LLC and CVR Realty brokerages and the Condo Ratings Agency, an analytics firm. The Condo Ratings Agency operates CraneSpotters.com, a preconstruction condo projects website, in conjunction with the Miami Association of Realtors.


Related Articles

arrow_forward_ios
A map of condo sales and Setai in Miami Beach (Credit: Google Maps)

Weekly condo sales volume in Miami drops to $50M

Weekly condo sales volume in Miami drops to $50M
From left: David Koster, Gabriel Markovich, Seth Kaufman and Daniel de la Vega

One Sotheby’s acquires Decorus Realty in Sunny Isles Beach

One Sotheby’s acquires Decorus Realty in Sunny Isles Beach
Ben Nehmadi, Joseph Zichelle, Melissa Barragan, and Adam Gurewicz, with the unit

Turnberry Ocean Colony PH in Sunny Isles Beach sells for $7M

Turnberry Ocean Colony PH in Sunny Isles Beach sells for $7M
Judge gives Regalia developer A year to sell remaining units

Bankruptcy judge gives Regalia developer a year to sell PH and beach house

Bankruptcy judge gives Regalia developer a year to sell PH and beach house
Gil Dezer with a rendering of Porsche Design Tower and Residences by Armani/Casa (Credit: ARX via Madison Global)

Miami judge will rule if ex-Dezer COO is entitled to more than $10M in profits

Miami judge will rule if ex-Dezer COO is entitled to more than $10M in profits
A Sunny Isles Beach landlord said a restaurant refused relief and vacated the property.

RK Centers alleges restaurant refused Covid relief, vacated property

RK Centers alleges restaurant refused Covid relief, vacated property
Alexander Nabutovsky and Regalia

Blockchain firm founder pays $5M for Regalia condo

Blockchain firm founder pays $5M for Regalia condo
Joseph Milton and Parque Towers

Parque Towers developer faces lawsuit seeking class action over allegedly mismarketed condos

Parque Towers developer faces lawsuit seeking class action over allegedly mismarketed condos
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...